Washington – Today, Congresswoman Nanette Diaz Barragán (CA-44) joined Congressman John B. Larson (CT-01), the Ranking Member of the Ways & Means Subcommittee on Social Security, in introducing the ‘Social Security 2100 Act’, H.R. 1902. The measure stands to cut taxes for Social Security recipients, provide a benefit bump for current and future beneficiaries, and keep the system strong for generations to come.
“Hardworking families who’ve paid in to Social Security their entire lives deserve the security of knowing these programs will be there when they need them. With this bill, we can both improve benefits while providing a tax break for seniors now and ensure Social Security remains solvent for future generations,” said Barragán.
“Social Security is not an entitlement – it’s the insurance Americans have paid for to fund retirement, disability, and survivor benefits through a lifetime of work. I am committed to taking common sense steps to expand benefits and to make the system solvent for the next 75 years and beyond,” said Larson.
The Barragán-Larson Proposal: What It Means for You
- The Social Security 2100 Act, H.R. 1902, provides the following:
- Tax cut for over 10 million Social Security recipients by raising the threshold on taxation of benefits
- Benefit bump beginning in 2018 for current and new beneficiaries
- Protection for low income workers by raising the cap from below the poverty line to 25% above
- Long term protection against inflation for cost of living adjustments (COLA) by adopting the CPI-E formula
Social Security remains the single most reliable program for middle class Americans and is expected to pay full benefits over the next two decades. With common sense steps like those in the Social Security 2100 Act, Congress can boost this vital program now and ensure Social Security remains strong well into the future.